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(Bloomberg) – U.S. stock indexes dropped, led by technology shares, Apple Inc. tumbled on weak iPhone demand. The pink dollar, oil halted a 10-day sell-off and the pound slid as the U.K.'s first fought to save her Brexit divorce plan.
The S & P 500 Index and Dow Jones Industrial Average were trading close to the day Monday afternoon, while the Nasdaq 100 dropped for the third day and the Russell 2000 small-cap benchmark erased its gains for the year. Major vendors for Apple fell as investors in one of the most important product lines in the technology sector, and U.S. chip stocks followed. General Electric Co. extended its position to the executive officer's position. California utilities plunged as wildfires swept the state.
"FANG was the leader on the way up," said Kim Forrest, senior portfolio manager at Fort Pitt Capital. "It seems to be the leader on the way down, and the supplier chain seems to have a lot to do with that."
The dollar rallied versus most of its major peers and crude oil as OPEC and its allies started laying the groundwork in 2019. The pound declined for a third day of the UK Prime Minister Theresa May to ditch her Brexit plan, while the euro slumped to its weakest level in more than 16 months ahead of stress stress around Italy's budget. Italian bonds fell as most euro-zone debt edged higher, while US Treasuries did not trade because of a federal holiday.
Investors have a lot on their platform right now, where the European Commission is ready to climb to the top of the page Wednesday. There is also a debate on the direction of bond yields, which has been reported by the United States on Wednesday, which may offer the next key to the trajectory of borrowing costs.
The Stoxx Europe 600 Index was led downward by tech and personal goods shares. The benchmark gauge in Asia retreated, though stocks in Japan and Hong Kong. Emerging-market stocks and currencies fell. Bitcoin headed for its first advance in three sessions.
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